The Fiji Development Bank (FDB) is advocating for young individuals, especially those from iTaukei communities, to invest in property at an early age to foster long-term financial security and address the existing gaps in inheritance practices. Chief Executive Filimone Waqabaca emphasizes the struggles many iTaukei families face, where parents often pass away without leaving behind any valuable assets or property for their heirs.
Waqabaca asserts that by encouraging early investments in real estate, families can break the cycle of starting from scratch and instead, pass down significant assets to future generations. He urges young people to view their first property purchase as an essential stepping stone for building wealth over time.
He elaborated, “If we can buy property now at an early age, after a few years, use that first property as security and generate from there.” This proactive approach not only secures financial stability but also allows for further investments through equity.
In addition, Waqabaca pointed out FDB’s commitment to making property ownership attainable for the youth by offering flexible loan repayment options, including terms of up to 30 years. This initiative is designed to bolster generational wealth and elevate the economic prospects of iTaukei communities, presenting a hopeful outlook for the younger generation.
Investing early in property can pave the way for a more secure financial future and foster a culture of wealth accumulation, ultimately benefiting families for generations to come.
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